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Estate Planning
Estate planning is a proces encompassing many possible components.
Planning may involve creation of a simple will and powers of attorney. Or it may involve the creation of guardianship and trust provisions within a will to plan for the future care of minor children . Or it may involved the use of trusts to maximize a non-taxable estate. Or it may involve a combination of planning vehicles, all working in tandem to achieve client goals.
As a process, the first step requires a detailed analysis of client goals and continues with an in-depth consideration of factors that could impact these goals.
At Harpeth Law, proper planning begins with a no-cost, no-obligation consultation during which we discover a client's goals and makes recommendations for achieving these goals in the most efficient, cost-effective and thorough manner.
Fees for planning depend solely on the client's goals and needs, and most services are offered on a flat-fee basis. A flat fee structure provides all planning services for a single fee, regardless of the time spent with a client in the planning process.
Please click on the tabs to the right to learn more about specific components of estate planning, including wills, trusts, and powers of attorney.
BEWARE! Websites offering 'will forms' cannot offer legal advice. Creating an effective and appropriate will and estate plan requires an assessment by an experienced attorney, and cannot be achieved through a mass-produced 'form.'
Wills
A properly-drafted will is an important part of an effective estate plan in Tennessee.
In general, a will sets forth an individual's wishes for the distribution of his or her estate (property), upon death. In your will, you identify who shall receive your property, and in what form.
Further, a well-drawn will should always address numerous matters specific to probate law in Tennessee, to ensure that your estate may be probated efficiently and at the least expense possible for your family. The probate process in Tennessee typically is not a cumbersone one, unless someone dies intestate (without a will) or with a will that fails to adquately plan for probate.
A will also can offer vehicles for protection of assets, called testamentary trusts. For example, such trusts may provide planning for controlled distribution to minors or incompentent individuals, or tax savings to heirs.
Since each state's laws differ regarding wills and inheritance, it is important to consult with a qualified attorney in your state of primary residence, in order to determine what your personal situation requires.
Trusts
A trust is defined as a property interest held by one person (the 'trustee') for the benefit of another person or persons ('beneficiaries'). A trust holds legal title to assets, which assets can be distributed by the trustee for the sole use of a trust's beneficiaries. A trustee is charged with managing the trust's assets for the benefit of the beneficiaries, and may not use the assets for any other purpose.
Trusts in Tennessee may take many different forms:
Lving trusts are created during the life of the grantor (the person creating the trust), and may either be revocable or irrevocable.
Testamentary trusts are created within a will document, and only come into existence upon the testator's death, and then often only upon the satisfaction of certain contingencies. Testamentary trusts often provide for the protection of assets inherited by children who are minors when parents pass away, for example.
Marital trusts, often also testamentary trusts, may be implemented to increase the non-taxable estate of a married couple upon inheritance by their children. Marital trusts may also protect assets from future claims in the instance of second marriages following death of the first spouse.
Whether a trust should be included as part of an individual's estate plan depends on individual circumstances and goals, to be determined during the estate planning process.
Powers of Attorney
Wills and testamentary trusts implement plans following death, while powers of attorney are documents relevant to planning during life.
People often contemplate the need for life planing as they age. However, such planning is important for everyone, regardless of age or health status. In Tennessee, if you don't have the proper powers of attorney in place, your family or caregivers may be forced to seek court appointment of a conservator in order to care for you and your assets should you become disabled and thus unable to care for yourself.
Three documents address simple life planning:
A Durable General Power of Attorney grants power to an individual (or individuals) to conduct all business matters on your behalf and make the decisions which are identified in the document. This power can be granted directly, or it can be conveyed contingent upon your incompetency (as determined by a medical doctor).
A Durable Power of Attorney for Health Care grants power to an individual (or individuals) to make your health care decisions in the event you are unable to do so. Having this document in place assures that you will have an advocate in your medical care decisions, when you can't speak for yourself. Otherwise, your family may find they have no voice in determining the course of your care.
A Living Will is an advance medical directive setting forth your wishes in regards to extraordinary measures to be taken in your medical treatment, and gives you the opportunity to make your wishes regarding organ donation known at the appropriate time.
Office Location:
Franklin, Tennessee
2187 Hillsboro Road
615.595.7776 tel
615.595.2779 fax
cmoon_harpethlaw.com
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